The question that we mostly ask when it comes to aged care is, how do I pay for aged care? Anyone who has helped an elderly relative make the move into aged care knows that it can be a traumatic experience. It involves a move from the familiar – a home that a loved one may have lived in for decades – to the unfamiliar, a care facility with many residents and staff. The costs The biggest fee, the accommodation…
Resilience is the ability to quickly recover from setbacks, and while setbacks can come in many forms most of them will have a financial component. So what can you do to build financial resilience? Expect the unexpected Rarely do we get advance warning that something bad is about to happen to us, so the time to develop your resilience strategy is now. And while we don’t know the specifics, we can anticipate events that would throw our finances into disarray.…
Are you still feeling the effects from the pandemic through mortgage repayments? When the COVID-19 pandemic struck in 2020 and Australians everywhere were forced to stop work and stay at home, the big banks reached out to affected customers offering to suspend their loan repayments and provide some much-needed financial relief. Financial relief So great was the demand for this support, that at the height of the pandemic, the Australian Prudential Regulation Authority estimated one in ten of all home…
More than $3.5 trillion dollars in inherited funds are expected to change hands within Australia during the next 20 years, with Australians enjoying one of the highest inheritance payout rates anywhere in the world. All thanks to managing wealth. According to investment bank HSBC’s Future of Retirement report, Australians pass on average $561,000 to their heirs, almost four times the global average of $148,000, with two in every three Australians planning to leave an inheritance. This payout rate is significantly…
Virtual currencies, or cyber currencies, are both a medium of exchange and a store of value, just like traditional money. However, unlike banknotes or coins, cyber currencies exist only as digital data stored in computers. Trading in virtual currencies requires membership in an online community connected by appropriate software, with the value usually being determined by a computer algorithm or simple supply and demand. Virtual currencies are not considered legal tender in most countries, however some, including Australia, do allow…
The increase in home-based businesses has been monumental in the past decade with now almost one million Australians earning an income by working from home. The types of businesses that can be operated from home are only limited by imagination; just as the reasons for this growing trend are varied. Some people whose jobs are made redundant will be tempted to take the plunge into self-employment; others find it appropriate when children arrive; and there are those who do it…
One in six people will be over 65 years old by 2050. With the world’s population ageing quickly, it is natural to think about how pension systems around the world will cope, particularly in Australia. Fortunately, Australia’s three-component retirement income system means our age pension system is well-equipped to support older Australians now and well into the future. Is Australia’s age pension adequate for retirement? Comparisons of age pensions around the world are generally made based on three key factors…
Medical arrangements, Will, funeral preferences. None of us likes to consider our own mortality. For our older loved ones, it’s an even more confronting topic and difficult to discuss. When Lindsay became ill, his family’s priority was to support him through his treatment, and keep him positive and as comfortable as possible. Typical of his generation, Lindsay had always been very private, never sharing personal information – not even with his nearest and dearest. After he passed away, it dawned…
Life gets so busy and the months soon roll into years when suddenly you find that your finances are off track and you’re nowhere near achieving your goals. Instead of thinking it’s all too hard take a few moments to review these money tips. Set your goals using the S.M.A.R.T. principle: Specific: What exactly do you want and how are you going to do? Measureable: If it can’t be measured, you can’t manage it. Attainable: Can it be achieved in…
As most long-term investors know, investment markets have their ups and downs. The downs are usually associated with periods of uncertainty, perhaps due to political or economic factors, or even natural disasters. Uncertainty leads to volatility – more extreme movements in asset prices – which can have a big impact on portfolio values. This can be of particular concern if you are preparing for retirement and preparing for your last payday. So what can you do about it? If you…